Philippines

Section X806.2.i(e) of Circular No 706 issued by the Bangko Sentral ng Pilipinas (BSP) entitled "Updated Anti-Money Laundering Rules and Regulations", mandates that all incoming wire transfer of funds sent to banks located in the Philippines or transiting via banks located in the Philippines (acting as an intermediary bank) must include full remitter (also known as originator) information in the "By Order" fields. If you initiate payments on behalf of other parties, you must provide the account number, full name and the full business or residential address of the ordering customer; Post Office box addresses are not acceptable).

If you initiate the payment on your own behalf, leave the "By Order" fields blank.

In compliance with the Section X806.2.i(e) of Circular No 706 entitled "Updated Anti-Money Laundering Rules and Regulations" issued by the Bangko Sentral ng Pilipinas (BSP), J.P. Morgan's PHP nostro correspondent banks have advised that for all inward remittances the originator/remitter details such as name, address and account number must be stated in the wire transfer instructions in order to be processed.

Additionally, Section X806.2.i of BSP Circular No 706 requires that for inward remittances, the following originator/remitter details should be indicated in the payment/transfer instructions:

Name of the originator/remitter

Originator/remitter's address or, in its absence, any of the following:

Originator's/remitter's national identity number

Date and place of birth of the originator/remitter

Account number of the originator/remitter or, in its absence, a unique reference number (i.e. telegraphic transfer reference number of the remitting bank)

Please ensure that your counterparties' remitting bank states the above mentioned details in their payment/fund transfer instructions for credit into your account. Please note that J.P. Morgan's nostro correspondent bank may refuse to effect any wire transfer or credit into your account or apply a hold on the funds in instances where the originator information is not provided, or found to be incomplete or meaningless.